IEX Updates Fee Discount Rules: Traders, Check Your Qualifications
Published Date: 2/13/2026
Notice
Summary
Investors Exchange (IEX) is changing the rules for how members qualify for certain fee discounts. Starting March 1, 2026, the criteria to get these lower fees will be updated, which could save some traders money or change how fees are calculated. This update affects anyone trading on IEX and kicks in right after the filing, so members should get ready!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Reduced Per-Share Fee Remains
Members that qualify for Incremental Fee Tier 2 are eligible to pay a reduced fee of $0.0001 per share for certain executions of non-displayed orders; the base rate for non-displayed transactions is $0.0010 per share. The Fee Schedule continues to reflect this reduced per-share rate for qualifying volume.
New Baseline Volume Calculation
Starting March 1, 2026, IEX will set each Member's Baseline non-displayed ADV as the average of the Member's three lowest Incremental Fee eligible ADV months between March 1, 2025 and February 28, 2026. For Members who joined after March 1, 2025, the Baseline will be the average of the Member's first three full months of trading; IEX will calculate Baselines after market close on the last trading day in February 2026 and use them to determine March 2026 eligibility and fees.
Higher Volume Bar To Earn Discount
Beginning March 1, 2026, Members must exceed their Baseline non-displayed ADV by at least 15,000,000 Incremental Fee eligible ADV in the prior month to qualify for Incremental Fee Tier 2; this replaces the prior 10,000,000 threshold. The proposed criteria for qualification expire no later than February 28, 2027.
Sub-Dollar Trades Excluded
Trades with an execution price below $1.00 per share (sub-dollar trades) do not impact Incremental Fee Tier calculations and are not eligible for any of the Incremental Fee Tiers. IEX is not changing fees for executions priced below $1.00 per share as part of this proposal.
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